It would show an amazing buying opportunity, because if we do happen to fall back that low, you can be almost sure that the last persistent noob is out and we can go only up from there.

For others it might be a doomsday scenario, because selling at such levels and see a massive bounce back up not long after will sting badly. Regardless of where the market is going, noobs will always burn themselves.

Overall, most bottoms are brief visits, so don't expect to have days or even hours time to buy it. If you don't buy in when it happens, you are out. Not that it is bad or something, but people are always focused on buying the bottom.